Kütti said via a press release that now was as good a time as any to step down from the top spot, saying: "We have created a strong product portfolio, started successful cooperation with several large global customers, the firm's sales volumes have doubled and the financials are better than before - I believe that all this is all strong preparation for long-term success."

Martin Petjärv, Cleveron's board chair, said the company is now undergoing a targeted search for a successor to Kütti, a search which may prove successful if more international talent is in the picture, he said.

"[Investment fund] Nordic Secondary Fund II, which has just joined Cleveron's ownership circle and the council, certainly brings more international experience," he added.

Kütt became Cleveron CEO in May 2021 and has been with the company overall for five years; his father, Arno Kütt, is one of the firm's founders; Arti Kütt will retain a seat on the Cleveron board.

The original Sakala piece is here.

Repeatedly highlighted as one of Estonia's most successful firms, Cleveron announced earlier this month it would be laying off 20 percent of its staff after four loss-making years in-a-row.

While a goal of entering into the black this year will not now be met, Kütt recently said that losses will be lower than the €2.7 million reported last year.

A total of 38 people will be laid off from Cleveron, 21 of them in Viljandi where the bulk of the firm's operations are located.

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